Los Angeles Capital Management LLC Makes New $471,000 Investment in Southern States Bancshares, Inc. (NASDAQ:SSBK)

Los Angeles Capital Management LLC bought a new position in shares of Southern States Bancshares, Inc. (NASDAQ:SSBK) during the third quarter, Holdings Channel reports. The institutional investor bought 15,315 shares of the company’s stock, valued at approximately $471,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Southern States Bancshares by 0.8% during the first quarter. Vanguard Group Inc. now owns 349,767 shares of the company’s stock worth $9,066,000 after acquiring an additional 2,782 shares during the period. Kennedy Capital Management LLC grew its holdings in shares of Southern States Bancshares by 3.7% during the first quarter. Kennedy Capital Management LLC now owns 24,851 shares of the company’s stock valued at $644,000 after purchasing an additional 886 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Southern States Bancshares by 10.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 40,045 shares of the company’s stock worth $1,087,000 after purchasing an additional 3,708 shares during the period. Rhumbline Advisers lifted its holdings in shares of Southern States Bancshares by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 8,958 shares of the company’s stock worth $243,000 after purchasing an additional 586 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Southern States Bancshares during the 2nd quarter valued at approximately $245,000. 58.73% of the stock is currently owned by institutional investors.

Insider Transactions at Southern States Bancshares

In related news, Director Brent O. Hitson sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $31.17, for a total transaction of $62,340.00. Following the sale, the director now owns 21,753 shares of the company’s stock, valued at $678,041.01. The trade was a 8.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jay F. Pumroy sold 2,995 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.13, for a total value of $96,229.35. Following the transaction, the director now directly owns 100,774 shares of the company’s stock, valued at approximately $3,237,868.62. The trade was a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 14.80% of the company’s stock.

Southern States Bancshares Stock Performance

Shares of NASDAQ SSBK opened at $36.63 on Friday. Southern States Bancshares, Inc. has a 12-month low of $22.13 and a 12-month high of $37.86. The company has a market cap of $326.63 million, a PE ratio of 10.32 and a beta of 0.21. The stock has a 50 day simple moving average of $31.38 and a 200-day simple moving average of $29.27. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Southern States Bancshares (NASDAQ:SSBK) last released its quarterly earnings results on Monday, October 21st. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.07). Southern States Bancshares had a return on equity of 14.88% and a net margin of 19.33%. The business had revenue of $46.83 million during the quarter.

Southern States Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Southern States Bancshares’s dividend payout ratio (DPR) is 10.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $36.00 target price (up from $35.00) on shares of Southern States Bancshares in a research report on Tuesday, July 23rd. Hovde Group dropped their price objective on shares of Southern States Bancshares from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd.

Southern States Bancshares Profile

Southern States Bancshares, Inc operates as the bank holding company for Southern States Bank that provides community banking services to businesses and individuals. The company provides various deposit products, such as savings, money market, and noninterest-bearing demand accounts; certificates of deposit; and time deposits.